People face biggest drop in living standards in 66 years
Wages will lag soaring prices meaning the biggest drop in standards since 1956, says the OBR. …
But the OBR, which publishes its economic forecasts twice a year, said Russia’s invasion of Ukraine had “major repercussions for the global economy, whose recovery from the worst of the pandemic was already being buffeted by Omicron, supply bottlenecks, and rising inflation”.
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